Susquehanna Bancshares Announces Results of Elections for Merger Consideration in Tower Bancorp Acquisition
Susquehanna Bancshares, Inc. (Nasdaq: SUSQ) today announced the final results of elections made by Tower Bancorp, Inc. shareholders regarding the form of merger consideration they will receive as a result of the February 17, 2012, acquisition of Tower by Susquehanna.
Under the merger agreement, Tower shareholders were entitled to elect to receive, for each share of Tower common stock, either 3.4696 shares of Susquehanna common stock or $28.00 in cash. The individual elections made by each shareholder were subject to proration so that $88 million of the aggregate consideration is paid in cash. The election deadline was 5 p.m. Eastern Time on February 15, 2012.
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